By Phil Franz-Warkentin, MarketsFarm
WINNIPEG – ICE Futures canola contracts were weaker at midday Monday, taking some direction from the falling Chicago Board of Trade soy complex.
Soybeans dropped to their lowest levels in 10 years, as traders reacted to heightened trade tensions between the United States and China.
Relatively favourable seeding weather across Western Canada and a lack of significant end user demand added to the declines in canola.
“I think they’re just watching it fall,” said a trader on the absence of bargain-hunting on the other side.
A weaker tone in the Canadian dollar provided some underlying support, and canola was holding above the multi-year lows hit last week.
About 11,000 canola contracts traded as of 10:48 CDT.
Prices in Canadian dollars per metric tonne at 10:48 CDT:
Price Change
Canola Jul 433.30 dn 2.50
Nov 445.60 dn 3.30
Jan 452.10 dn 3.20
Mar 458.00 dn 3.30
